IAAC scrutinized the report claiming that some employees of the Central Bank of Mongolia hold interest in non-banking financial institutions.
The fact that employees of the institution in charge of regulating activities of banks, founded or own stake in non-banking institutions conducting leasing and foreign exchange businesses creates "circumstance, understood as having conflict of interest" as stated by the Article 3 of the Conflict of Interest Law.
The written notification issued to the Central Bank of Mongolia alerting to focus on implementing anti-corruption legislation.
In response to the notification, the President of the Central Bank of Mongolia informed IAAC on its decision to include additional provision in all job descriptions of 240 employees and pledged to maintain record of related persons of its employees to prevent from similar risks.
